Tech:NYC Digest: October 17

Tech:NYC Digest: October 17

October 17, 2022 • Estimated Reading Time: 9 minutes

Monday, October 17, 2022

In today’s digest, the COVID subvariants to track this winter, new rules to get trash piles off the curb, and why some startups are scrambling to prepare for pay transparency. 

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  • In case you thought we were officially “post-pandemic”: New variants of the coronavirus are rapidly mutating and splintering across different countries at the same time. (The Daily Beast)

    • Multiple subvariants are spreading, including one called XBB, considered to be among the most immune-evasive among the new Omicron lineages.

    • The good news is that the most recent bivalent vaccine boosters from Pfizer and Moderna seem to be effective against XBB, although the original vaccines are less so.

  • With both trash and rat complaints on the rise, new rules will reduce the number of hours trash and recycling can sit on NYC sidewalks. (New York Times)

    • Under the new rules, trash will not be allowed on the curb before 8pm (current rules allow for 4pm the night before collection), bringing the city in line with the practices of many other major cities.

  • More than 900 current applicants are competing for one of the state’s first 150 recreational cannabis dispensary licenses, 70 of which are located in NYC. Officials hope to have the first phase of dispensaries up and running before the end of 2022. (Gothamist)

  • Mayor Eric Adams and Gov. Kathy Hochul unveiled plans for the $1.6 billion Science Park and Research Campus (SPARC) in Kips Bay, a job and education innovation hub for life sciences, biotech, and public health that will be the first of its kind in the state. (Politico)

  • And ICYMI: the beta version of the federal student loan forgiveness application went live over the weekend! You can submit the short form here (you don’t need any login credentials or documents handy, and you won’t need to resubmit when it’s out of beta).

In other reading:

  • Here’s how to make your voice heard in the upcoming NYC election (Gothamist)

  • The best thing you can do to quash a deadly COVID-19 surge this winter (Vox)

  • Another COVID Wave Could be Coming. Here’s How to Make Your Holiday Plans. (New York Times)

NYC’s pay transparency law takes effect in just two weeks, but compensation experts are worried many startups may not be ready.

  • Two-thirds of companies say they’re not fully ready to post pay ranges in compliance with new laws, according to a new report from Syndio, a workplace equity software provider.

  • The report found 35% of respondents said their companies were fully ready or already posting pay ranges.

It’s not that the startups are against the idea — some are beginning to do it voluntarily — but listing pay ranges in job ads means companies need to … have defined pay ranges. (Protocol)

  • Matt Schulman, founder and CEO of compensation technology startup Pave, said compliance with the new laws could be particularly challenging for earlier-stage startups: “I bet, like, 95% of 20-person startups don’t even have a notion of compensation bands at this point,” he said.

The other challenge comes from the new world of hybrid work: With employees spread across the country, companies could find it challenging to have a uniform compensation strategy compliant with a multi-state patchwork of regulations.

  • “It's challenging to constantly post accurate salary ranges for advertisements for jobs, promotions or transfer opportunities throughout several jurisdictions, several job classes, or several business units,” Seyfarth Shaw labor and employment practice partner Ephraim J. Pierre told Tech:NYC in April.

And don’t forget about current employees: Internal communications is a big part of standardizing pay, said Astranis’ first permanent chief people officer Heather Sullivan:

  • Sullivan is setting up pay ranges at the company and also training managers on how to talk with employees about progressing through a range: “So if they see a number or set of numbers on the website, they’re not, like, ‘Hey, what the hell?”

In other reading:

  • “Labor hoarding” could keep layoffs from spiking during the next pandemic. (Axios)

  • You’re going back to the office. Your boss isn’t. (Vox)

  • How Should a Business Bro Dress? (New York Times)

  • ARTA, a NYC-based logistics software and fulfillment services provider for goods and collectibles, raised $11 million in Series A funding. AXA Venture Partners led the round and was joined by Corazon Capital, Coelius Capital, Pari Passu Venture Partners, and Mu Ventures. (FinSMEs)

  • Continue AI, a NYC-based sustainability intelligence platform, raised $5.7 million in seed funding. Grove Ventures and Maple Capital co-led the round and were joined by Ride Ventures, Liquid2, and Kindergarten Ventures. (VentureBeat)

  • Dandi, a NYC-based DEI analytics platform, raised $3.7 million in seed funding. Springbank and Alleycorp Impact co-led the round and were joined by Atlassian Ventures, Impact Engine, Uncommon Denominator, AAF, and Heirloom VC. (Newswire)

  • GoHenry, a NYC and UK-based prepaid debit card and financial education app for kids and teens, raised $55 million in funding. Participating investors include Edison Partners, Revaia, and Nexi. (TechCrunch)

  • Mercantile, a NYC-based credit card platform for small businesses, raised $15 million in Series A funding. Index Ventures led the round and was joined by First Round Capital, General Catalyst, SV Angel, Operator Partners, Box Group, and others. (Forbes)

  • NorthOne, a NYC-based SMB banking startup, raised $67 million in Series B funding. Participating investors include Battery Ventures, Ferst Capital Partners, FinTLV, Next Play Capital, Operator Stack, Redpoint Ventures, and a group of individuals. (TechCrunch)

  • October 20: In-person: Cornell Tech @ Bloomberg Speaker Series, with Index Ventures partners Martin Mignot and Shardul Shah. Hosted by Tech:NYC, Cornell Tech, and Bloomberg. Register here.

  • October 21: In-person: Future Ready 2022: the 9th Annual Silicon Harlem Annual Conference, with Tech:NYC executive director Jason Myles Clark, NYC CTO Matt Fraser, Transit Wireless CEO Melinda White, and others. Hosted by Silicon Harlem and the C-Better Foundation. Register here.

  • October 22: In-person: Newlab Annual Open House Party, featuring member open studios, art and tech installations, food stands, open bar, and live performances. Register here.

  • October 24 – 25: In-person: SCNY Urban Tech Summit, with Tech:NYC executive director Jason Myles Clark, NYC Chief Climate Officer Louise Yeung, JustAir co-founder and CEO Darren Riley, and others. Hosted by Cornell Tech. Register here.

  • October 25: In-person: Your First Venture Round: Advice & Insights for Founders, with BBG Ventures managing partner Susan Lyne, Brooklyn Bridge Ventures partner Charlie O’Donnell, and m]x[v Capital partner Mark Ghermezian. Hosted by Stacklist. Register here.

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